The Impact Of Executive Academic Experience On Enterprise Innovation

Innovation is important.Different from the general strategic decision-making,the innovation is very transformative and professional,but also has a certain degree of uncertainty,the process of the enterprise has a certain degree of confidentiality to the outside world,which will produce information asymmetry problems,investors in order to protect their own interests will increase the risk premium,the enterprise will fall into the dilemma of financing constraints.The academic experience of executives is a good remedy for this dilemma.Academic experience enables executives to have a high sense of ethical standards and social responsibility,as well as the spirit of exploration and innovation,and is better at creating an innovative corporate culture with a sense of exploration and dedication,so as to transmit positive innovation signals to stakeholders,improve corporate reputation and image,improve investors’ investment confidence.This article takes the data of companies in Shanghai and Shenzhen Stock Exchange from 2010 to 2020 as a sample,and shows that:First,contribution will increase as academic executives make up the executive team.Past academic experience has enabled academic executives to have the courage to forge ahead,and also allowing them to actively focus on cutting-edge knowledge in their professional fields,which is conducive to their innovative activities in the enterprise.This relationship remains true after a series of endogenous and robustness tests.Second,financing constraints act as an intermediary between academic executivesand corporate innovation.Academic experience enables executives to have a higher sense of social responsibility,pay more attention to disclosure standards and quality in the face of accounting information disclosure,and academic executives are better at cultivating an innovative corporate culture with a sense of exploration and dedication,so as to send a positive innovation signal to stakeholders,effectively alleviate the problem of financing constraints,and thus promote corporate innovation.This intermediary effect still holds under the robustness test.Third,taking the industry and scale as the division criteria,the heterogeneity analysis shows the intermediary effect played by the innovation incentive role and financing constraints of academic executives is more intense for small and medium-sized enterprises,and due to a large number of high-culture employees,the marginal contribution of academic executives to enterprise innovation is not as large as that of non-high-tech industries,but due to the huge demand for funds in the high-tech industry,the intermediary role played by financing constraints is higher than that of non-high-tech enterprises.This paper has certain reference value for China’s construction of an innovative country,the formulation of talent introduction strategies by enterprises and the career pursuit development by individuals.